There is good news for the country on the economic front. The Reserve Bank of India (RBI) has raised the economic growth rate forecast for the current financial year 2024-25 from seven per cent to 7.2 per cent. The RBI has raised the gross domestic product (GDP) growth forecast due to improvement in private consumption and strong demand in the rural sector.

RBI Governor Shaktikanta Das held a review meeting of the Monetary Policy Committee (MPC). Giving information about this after that, he said that domestic economic activities are strong so far in the current financial year 2024-25. Manufacturing activities have picked up due to increased domestic demand. Shaktikanta Das said that various economic indicators show that the pace of the service sector is also intact.

He said that keeping all these factors in mind, the MPC has projected the real GDP growth rate to be 7.2 per cent for the financial year 2024-25. He said that the economic growth rate will be 7.3 percent in the first quarter, 7.2 percent in the second quarter, 7.3 percent in the third quarter and 7.2 percent in the fourth quarter.

Standard & Poor's (S&P) Global Ratings has recently raised India's economic growth forecast for the current financial year 2024-25 by 40 basis points to 6.80 percent. According to the estimate released by the National Statistical Office (NSO) on the last date of last month, the Indian economy has grown at the rate of 8.2 percent in the financial year 2023-24.

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